Damian Cyman

The development of a single European market in retail financial services has resulted in a growing awareness within the European Union of the importance of efficient alternative dispute resolution mechanisms for consumers. The purpose of this document is to analyze existing Alternative Dispute Resolution Mechanisms in the area of financial service in European Union, including European and Polish regulations. Author described characteristic of Alternative Dispute Resolution (ADR), initiatives taken by European Union aiming to ensure the right level of consumer protection and both existing and proposed regulations. The article adresses the issue of ADR bodies in the Member States and Financial Services Complaints Network (FIN-NET). Research carried out in the article made it possible to present proposals in conclusions.

This paper examines the impact of the reductions in interchange fees in the United States of America and the European Union. First, the author describes payment card schemes and interchange fees. The focus of this analysis were the regulations of the amount of interchange fees that issuers receive in the United States and the European Union, as well as the legal acts that regulate this subject. The United States experience with the Durbin Amendment provides a useful test case for understanding the costs of interchange fees and interchange fee price controls, so the impact of those regulations on card scheme participants were described. The paper ends with conclusions in which emphasis was placed on ensuring adequate protection to cardholders.

The crisis begun in 2007 exposed the weakness of the existing regulations, revealing challenges for legislators all over the world. Financial stability started to be understood as an essential value for the proper operation of the financial market. It has become important to address the question as to how to protect financial markets from more crises, or at least alleviate their effects. The idea of supervision of a financial market has undergone thorough transformation. Particular emphasis has been placed on protecting buyers of financial services. Adequate customer protection has been recognized as a sign of trust in the market and its stability and has gained systemic importance and relevance for the European financial system.
There is a growing tendency to enlarge the group of subjects eligible for special protection. it is becoming an increasingly common idea that not only consumers but all non-professional customers should be protected. The idea is becoming widespread that the weaker party to a legal transaction can be not only a consumer [natural person] but also a non-professional market entity. Such a solution is certainly appropriate. Narrowing down the ‘consumer’ to a natural person may seem artificial and out of line with market realities, not to mention the serious consequences of bad financial decisions taken by non-professional financial market participants.
Another important challenge facing the modern financial market is to establish a system of institutional safeguards to ensure security for all market entities and to enforce fair play rules. However, even the best provisions of substantive law, though necessary, may prove to fall short.
Therefore, there is a pressing need for strong and competent both state and international institutions duly equipped with auditing and supervisory powers to deal with the present situation. They should also have the possibility of enforcing substantive laws in a way that allows for flexible responses to any emerging threat to the protected values.
The shift towards a regulatory and supervisory method of protection sets a more serious tone for the supervision model adopted for the financial market. In it, the market is responsible not only for ensuring that the supervised entities operate correctly, but also for the quality of services that they provide.